Dogecoin Price Prediction: DOGE bulls prepare for a 23% upswing
|- Dogecoin price is retracing after its recent upthrust, preparing for the next leg-up.
- A recovery above the $0.18 level could trigger a 23% ascent to $0.22.
- If DOGE breaks below the $0.16 support floor, it will invalidate the bullish thesis.
Dogecoin price rose exponentially after Elon Musk’s tweet on December 14, preventing it from a catastrophic drop. This uptrend faced intense sell-off from investors booking profit, leading to a steep correction that will likely form the base for the next run-up.
Dogecoin price eyes higher highs
Dogecoin price surged 31% in a single 4-hour candlestick as Tesla CEO Elon Musk tweeted that DOGE can be used to purchase “merch” on December 14. This Musk-induced rally propelled the meme coin to a 40% advance to set a swing high at $0.22.
Since then, DOGE has dropped 23% and is currently trading above the $0.18 support level, suggesting that the pullback is done. This development will create a lower low, indicating that the uptrend is intact.
In this situation, investors can expect Dogecoin price to restart its upswing to retest the $0.22 swing high again. This move would constitute a 23% ascent. This climb could extend higher if the buyers continue to pour in, allowing the Dogecoin price to revisit the $0.24 level, representing a 32% ascent.
DOGE/USDT 4-hour chart
Regardless of the recent upswing, if the current retracement for Dogecoin price slips below the $0.16 support level to create a lower low, it will invalidate the bullish thesis.
In such a case, Dogecoin price could crash 25% to tag the $0.12 support level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.